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Gary Busey

I Got 300 VHS Tapes to My Name

... and 5 Pairs of Moccasins

2/16/2012 8:05 AM PST BY TMZ STAFF

0215_gary_busey_EX_01
Gary Busey
has virtually no money left from his once-thriving Hollywood career -- but he has amassed an impressive collection of worthless junk ... including a bounty of cassette tapes and broken instruments ... this according to new docs obtained by TMZ.

TMZ broke the story ... Busey recently filed for Chapter 7 bankruptcy ... and according to new docs Gary filed in federal bankruptcy court, Gary says he owes $508,600.96 in various debts.

According to the docs, Busey claims his main creditor is Uncle Sam ... admitting he stiffed the government out of $451k in state and federal taxes from 1998 to 2009.

Problem is ... Gary claims he only has $26,225 in personal assets ... including $1,200 in various bank accounts and a $7,000 security deposit with his landlord. Gary then lists EVERYTHING he owns ... including:

Entertainment -- 2 tvs, DVD player, old large tape recorder, small tape recorder, boom box, bookends, 50 hardback books, 100 compact discs, 300 VHS tapes, 100 DVDs, 200 cassette tapes.

Art -- painting of an Indian, old bull's head, 5 pairs of old moccasins, 2 small decorative teepees, 4 clay vases, Indian style bowls, small figurine of bald eagle, old bows and arrows.

More Native American Stuff -- Fabric strap with an attached eagle talon, beaded necklace with an attached arrowhead, bolero necklace with black and white ying/yang pendant.

Random Crap -- broken pellet gun, Rollerblades, 2 old surf boards, boogie board, old mountain bike, old Nikon film camera.

Instruments -- electric guitar, Collings SJ acoustic guitar, 12 string Guild acoustic guitar, Fender Stratocaster electric guitar, amplifier, J200 acoustic Gibson guitar, 2 tambourines.

Gary also says he rents a storage unit, in which he keeps old electronics, personal documents, Mother's furniture/piano and old broken drum sets.

In the docs, Gary says he still makes $19,730.71 per month ... but he SPENDS more than $22k per month on things like living expenses and daycare for his newborn son.

Gary's rep tells TMZ, Gary  "is following the example of many successful buisiness people such as Abraham Lincoln, Walt Disney, Donald Trump, Francis Ford Coppola, Larry King, and many more Americans who have also utilized the tool of Bankruptcy to gain a fresh start."

The rep adds, "Remember, the Buseyism for FAILING is: Finding An Important Lesson Inviting Needed Growth."

108 COMMENTS

No Avatar
61.

Bill Leslie    

I hope Brandi gets his storage locker on "Storage Wars"

890 days ago
62.

Surfer Gal    

First of all, Gary, get out of Los Angeles! Go upstate or over to Nevada or Arizona where the living is cheaper. No kidding, a dollar 2 liter bottle of pop goes for $8 in Beverly Hills.

890 days ago
63.

Bob Bain    

At 19k per month, you could have a nice sized home, pay the mortgage of $1,000-$4,000 a month, pay perhaps $500 in utilities and still have plenty left over.

The rich are spoiled brats.

890 days ago
64.

don    

this guy has to stop eating the paint chips.

890 days ago
65.

remy    

i have the same as him except i got some clothes too

890 days ago
66.

Susan aka Nana    

The saddest part is that he has a newborn. Im not going to judge him on having a child when his money situation is far from what it should be, there are alot of parents that are in bad shape. Hope he can get himself out of debt and all others in the same boat get back on track.

890 days ago
67.

John    

He's doing commercials for a local car dealer here in Pittsburgh too. Most of them are incoherant. I am suprised he is still alive.

890 days ago
68.

Teri    

Wah, Wah. $19,730 income a month and can't cut expenses to
live on that? I have no sympathy for all these actors, singers and sports people that have blown through more money
than most people will ever have in a life time and then want
to file bankruptcy.

890 days ago
69.

Tawnya    

I just got a 3 week lapse in my unemployment of 165.00 a week. My daughter and I have 2 bucks to our name. I really have NO sympathy for someone who can't make it on 20 grand a freakn month!!

890 days ago
70.

Jason    

This is how God punishes you for endorsing Newt Gingrich.

890 days ago
71.

terry    

He ain't that broke...those are some nice guitars he lists...Need some cash Gary call me...

890 days ago
72.

6one9    

FLUCKING `````````````` LOSER!!!!

890 days ago
73.

Regina    

Not only did I know this bat sh** crazy man was a hoarder but a tax cheat as well. The Feds need to go to Hollywood and arrest EVERY da** one of the people who delibaratly cheat on their taxes. Brain injury or no brain injury. He sounds like he's bragging about it.
And as for his rep, well he's as crazy as Gary is. Abraham Lincoln???? He must have just been dumbstruck to come up with something to explain Gary, but nobody can.

890 days ago
74.

oldgeez    

I know this guy has a painting on velvet of dogs playing poker that he hasn't listed. He's cheating!!!

890 days ago
75.

Xenedra    

Gary Busey is my hero. I love his clutter and chicklet teeth

890 days ago
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